FSUOGM: Unknown Dubai firm reportedly bids for Shell's stake in Russian oil project

A little-known Dubai-based logistics company called Wellnord is reportedly prepared to buy Shell’s 50% stake in its Salym Petroleum Development joint venture with Russia’s Gazprom Neft, the Moscow-based Kommersant newspaper reported on September 2.

Shell vowed to withdraw from the Russian oil industry in the wake of Moscow’s invasion of Ukraine in late February, but has had difficult offloading assets, especially since Russian President Vladimir Putin issued a decree in early August preventing foreign companies from divesting shares in what are considered strategic enterprises.

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